Non-final working translation
Acharya, V., I. Drechsler and P. Schnabl (2014), A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk, The Journal of Finance, Vol. 69, No 6, pp. 2689‑2739.
Adrian, T., V. Gaspar and P.-O. Gourinchas (2024), The Fiscal and Financial Risks of a High-Debt, Slow-Growth World, March 2024.
Avalos, F., S. Doerr and G. Pinter (2025), The global drivers of private credit, BIS Quarterly Review, March 2025.
Bae, K.-H., W. Bailey and J. Kang (2021), Why is stock market concentration bad for the economy?, Journal of Financial Economics, Vol. 140, No 2, pp. 436‑459.
Baker, S. R., N. Bloom and S. J. Davis (2016), Measuring Economic Policy Uncertainty, The Quarterly Journal of Economics, Vol. 131, No 4, pp. 1593‑1636.
Banu, E., A. Born, J. Evrard, C. Lambert and A. Spolaore (2026), Towards an efficient and integrated digital capital market in Europe: the role of tokenisation and the Eurosystem’s policy response, European Central Bank, Macroprudential Bulletin, No 33, April 2026.
Bednarek, P., F. Febbraro, S. Ongena and N. von Westernhagen (2026), When Nonbanks Dampen and When They Amplify: A Yield-Curve View of the Nonbank Lending Channel, Deutsche Bundesbank Discussion Paper, No 35/2026.
Block, J., Y. S. Jang, S. N. Kaplan and A. Schulze (2024), A Survey of Private Debt Funds, The Review of Corporate Finance Studies, Vol. 13, No 2, pp. 335‑383.
Board of Governors of the Federal Reserve System (2026), Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks.
Brynjolfsson, E., D. Li and L. Raymond (2025), Generative AI at Work, The Quarterly Journal of Economics, Vol. 140, No 2, pp. 889‑942.
Brynjolfsson, E., D. Rock and C. Syverson (2021), The Productivity J-Curve: How Intangibles Complement General Purpose Technologies, American Economic Journal: Macroeconomics, Vol. 13, No 1, pp. 333‑372.
Buch, C. (2026), Addressing AI-enabled cybersecurity threats, July 2026.
Campbell, J. Y. (2013), Mortgage Market Design, Review of Finance, Vol. 17, No 1, pp. 1-33.
Deutsche Bundesbank (2026a), July results of the Bank Lending Survey in Germany: Credit standards in all loan categories tightened, press release of 21 July 2026.
Deutsche Bundesbank (2026b), Monthly Report, October 2026.
Deutsche Bundesbank (2026c), Monthly Report, September 2026.
Deutsche Bundesbank (2026d), Monthly Report, July 2026.
Deutsche Bundesbank (2026e), Monthly Report, June 2026.
Deutsche Bundesbank (2026f), Frequently asked questions about Commercial Property Price Index by vdpResearch and Deutsche Bundesbank, May 2026.
Deutsche Bundesbank (2026g), Financial statement statistics (ratios), Statistical Series, May 2026.
Deutsche Bundesbank (2026h), Monthly Report, May 2026.
Deutsche Bundesbank (2025a), Financial statement statistics (extrapolated results), Statistical Series, December 2025.
Deutsche Bundesbank (2025b), Monthly Report, November 2025.
Deutsche Bundesbank (2025c), Monthly Report, September 2025.
Deutsche Bundesbank (2025d), Monthly Report, July 2025.
Deutsche Bundesbank (2025e), Monthly Report, April 2025.
Deutsche Bundesbank (2025f), Monthly Report, March 2025.
Deutsche Bundesbank (2025g), Financial Stability Review.
Deutsche Bundesbank (2024), Financial Stability Review.
Deutsche Bundesbank (2023), Financial Stability Review.
Deutsche Bundesbank (2017), Financial Stability Review.
Deutsche Bundesbank and Bafin (2026), High-level response of the Federal Financial Supervisiory Authority (Bafin) and the Deutsche Bundesbank to the European Commission’s targeted consultation document “Targeted Consultation on the Competitiveness of the EU Banking Sector”, April 2026.
Deutsche Bundesbank and Deutsche Börse Group (2020), How Can Collateral Management Benefit from DLT?: Project “BLOCKBASTER”, January 2020.
Deutscher Bundestag (2026), Gesetz zur Umsetzung der Richtlinien (EU) 2025/1 und (EU) 2025/2 zur Festlegung eines Rahmens für die Sanierung und Abwicklung von Versicherungsunternehmen sowie zur Änderung des Aufsichtsrahmens für Versicherungsunternehmen (Versicherungs-Sanierungs-Abwicklungs-und-Aufsichtsänderungs-Gesetz – VSAAG) of 30 September 2026.
Drehmann, M., A. Illes, M. Juselius and M. Santos (2015), How much income is used for debt payments? A new database for debt service ratios, BIS Quarterly Review, September 2015.
Droll, T. and A. Minto (2022), Hare or Hedgehog? The Role of Law in Shaping Current Technological Trends in the Securities Post-trading System, Accounting, Economics, and Law: A Convivium, Vol. 15, No 3, pp. 471‑516.
Drott, C., S. Mitzlaff and D. Schläger (2026), Appia als Wegbereiter einer europäischen Wholesale-CBDC‑Architektur, Recht der Zahlungsdienste, Vol. 7, No 2, pp. 139‑142.
Durante, E., M. Rusnak and E. Tereanu (2025), A decade of borrower-based measures in the banking union, Macroprudential Bulletin No 29, European Central Bank, June 2025.
European Banking Authority (2024), Final Report – Draft Regulatory Technical Standards to further specify the liquidity requirements of the reserve of assets under Article 36(4) of Regulation (EU) 2023/1114.
European Central Bank (2026a), Appia – paving the way for a future-ready, integrated financial ecosystem leveraging tokenisation and DLT, press release of 11 March 2026.
European Central Bank (2026b), ESCB response to the European Commission’s targeted consultation on the Markets in Crypto Assets Regulation (MiCAR), September 2026.
European Central Bank (2026c), Eurosystem ad-hoc questionnaire on “Trends and adoption of tokenised finance”, June 2026.
European Central Bank (2026d), Eurosystem staff macroeconomic projections for the euro area, June 2026.
European Central Bank (2026e), Financial Stability Review, May 2026.
European Central Bank (2026f), Strengthening the macroprudential lens in the regulation of non-bank financial intermediation: FSC high level task force on NBFI, May 2026.
European Central Bank (2025), Financial Stability Review, May 2025.
European Central Bank (2024), Financial Stability Review, November 2024.
European Commission (2026a), Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions: Competitiveness of the Banking Sector and the Single Market in Banking, press release of 17 July 2026.
European Commission (2026b), Debt Sustainability Monitor 2025, Institutional Paper No 332.
European Commission (2021), Questions and Answers: Proposals for amendments to the Solvency II Directive and a new Insurance Recovery and Resolution Directive, September 2021.
European Insurance and Occupational Pensions Authority (2025a), Impact Assessment of Opinion on AI governance and risk management, August 2025.
European Insurance and Occupational Pensions Authority (2025b), The Right Balance: Solvency II and Capital Requirements, July 2025.
European Insurance and Occupational Pensions Authority (2025c), Securitisation – Those who forget the past are doomed to repeat it, April 2025.
European Parliament and Council of the European Union (2025a), Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129 (Text with EEA relevance), January 2025.
European Parliament and Council of the European Union (2025b), Directive (EU) 2025/2 of the European Parliament and of the Council of 27 November 2024 amending Directive 2009/138/EC as regards proportionality, quality of supervision, reporting, long-term guarantee measures, macro-prudential tools, sustainability risks and group and cross-border supervision, and amending Directives 2002/87/EC and 2013/34/EU (Text with EEA relevance), January 2025.
European Securities and Markets Authority (2025), Artificial intelligence in EU investment funds: adoption, strategies and portfolio exposures, ESMA TRV Risk Analysis.
European Stability Mechanism (2026), Euro Area Stability Watch 2026: Global shocks, domestic shields: Resilience under strain.
European Systemic Risk Board (2026), Warning on systemic cyber risks stemming from frontier artificial intelligence models, ESRB/2026/3, June 2026.
European Systemic Risk Board (2024), EU Non-bank Financial Intermediation Risk Monitor 2024, NBFI Monitor, June 2024.
European Systemic Risk Board (2022), Recommendations of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector in Germany, ESRB/2021/10, March 2022.
European Systemic Risk Board (2019), Recommendation of the European Systemic Risk Board of 21 March 2019 amending Recommendation ESRB/2016/14 on closing real estate data gaps, ESRB/2019/03, March 2019.
European Systemic Risk Board (2016), Recommendation of the European Systemic Risk Board of 31 October 2016 on closing real estate data gaps, ESRB/2016/14, October 2016.
Falato, A., I. Goldstein and A. Hortaçsu (2021), Financial fragility in the COVID‑19 crisis: The case of investment funds in corporate bond markets, Journal of Monetary Economics, Vol. 123, pp. 35‑52.
Federal Employment Agency (2026), Monatsbericht zum Arbeits- und Ausbildungsmarkt, Blickpunkt Arbeitsmarkt, June 2026.
Federal Ministry of Finance (2026), Fragen und Antworten zur Reform der geförderten privaten Altersvorsorge.
Financial Stability Board (2026), Report on Vulnerabilities in Private Credit, May 2026.
Fricke, D., S. Jank and H. Wilke (2026), Mutual Fund Clienteles, The Review of Financial Studies.
Fricke, D. and H. Wilke (2023), Connected Funds, The Review of Financial Studies, Vol. 36, No 11, pp. 4546‑4587.
Fuster, A., V. Gianinazzi, A. Hackethal, P. Schnorpfeil and M. Weber (2026), The Response of Debtors to Rate Changes, NBER Working Paper No 34752.
Gerardi, K., K. F. Herkenhoff, L. E. Ohanian and P. S. Willen (2018), Can’t Pay or Won’t Pay? Unemployment, Negative Equity, and Strategic Default, The Review of Financial Studies, Vol. 31, No 3, pp. 1098‑1131.
German Financial Stability Committee (2026a), German Financial Stability Committee uses new data to monitor lending standards for housing loans: first results point to potential risks, press release of 11 May 2026.
German Financial Stability Committee (2026b), Thirteenth FSC Report on Financial Stability in Germany – geopolitical tensions are increasing uncertainty for the financial system, July 2026.
Ghirelli, C., J. J. Pérez and A. Urtasun (2019), A new economic policy uncertainty index for Spain, Economic Letters, Vol. 182, pp. 64‑67.
Grau, P., S. Mitzlaff and V. Stockerl (2026), Nutzung von Blockchain-Technologie und Kryptowerten im deutschen Unternehmenssektor, Deutsche Bundesbank Technical Paper No 04/2026.
Hafemann, L. (2024), A house prices at risk approach for the German residential real estate market, Deutsche Bundesbank Technical Paper No 07/2023.
Hemenway Falk, B. and G. Tsoukalas (2026), The AI Layoff Trap, The Wharton School Research Paper.
Herbst, T., J. Plaasch and F. Stammwitz (2024), A Price-at-Risk approach for the German commercial real estate market, Deutsche Bundesbank Technical Paper No 08/2024.
Herbst, T. and C. Roling (2024), A top-down loan-level stress test for banks’ corporate credit risk: Application to risks from commercial real estate markets, Deutsche Bundesbank Technical Paper No 09/2024.
Hofmann, B., M. Kaldorf and M. Rottner (2026), The macroeconomics of stablecoins, BIS Working Paper No 1363.
Hristov, N. and D. Menno (2026), Long-run inflation and financial panics, Deutsche Bundesbank Discussion Paper No 17/2026.
Institut der deutschen Wirtschaft (2026), Immobilien: Bis zu 87.000 Euro Steuernachteil für Selbstnutzer, press release of 4 July 2026.
Institute for Employment Research (2026), IAB‑Prognose für 2026/2027: Erwerbstätigkeit schrumpft trotz besserer Konjunktur, press release of 24 September 2026.
International Monetary Fund (2026), Fiscal Monitor: Fiscal Policy under Pressure: High Debt, Rising Risks, April 2026.
International Monetary Fund (2024a), Global Financial Stability Report: Steadying the Course: Uncertainty, Artificial Intelligence, and Financial Stability, October 2024.
International Monetary Fund (2024b), Chapter 2 The Rise and Risks of Private Credit, April 2024.
International Monetary Fund (2022), Germany: 2022 Article IV Consultation: Press Release; Staff Report; and Statement by the Executive Director for Germany, Country Report No 229, July 2022.
International Monetary Fund (2019), Global Financial Stability Report: Technical Note on Asset Valuation Models, October 2019.
Koijen, R. S. J., H. K. Lee and S. van Nieuwerburgh (2024), Aggregate lapsation risk, Journal of Financial Economics No 155.
Korinek, A., C. I. Jones, S. Sacher, T. Cotter and P. McCrory (2026), Economic Scenarios for Transformative AI, The Anthropic Institute, Working Paper No 2026‑02.
Körner, J. (2026), Middle East conflict tightens access to credit, KfW-ifo Credit Constraint Indicator Q2 2026.
Krüger, U., C. Roling, L. Silbermann and L.-H. Wong (2025), Bank’s strategic interaction, adverse price dynamics, and systemic liquidity risk, Journal of Banking Regulation, Vol. 26, pp. 1-24.
Kubitza, C., N. Grochola and H. Gründl (2025), Life insurance convexity, Journal of Banking & Finance, Vol. 178.
Lang, J. H. and D. Menno (2025), The state-dependent impact of changes in bank capital requirements, Journal of Banking & Finance, Vol. 176.
Ludwig, J. and E. Vogel (2023), Rent or buy? How equity requirements for households influence decisions on home financing, Deutsche Bundesbank Research Brief, August 2023.
Matvos, G., T. Piskorski and A. Seru (2026), Private Credit, Balance Sheets and Financial Stability, NBER Working Paper No 34991.
Memmel, C. and C. Roling (2021), Risks in domestic banks’ corporate lending business, Deutsche Bundesbank Technical Paper No 08/2021.
Mian, A. and A. Sufi (2014), House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It From Happening Again, University of Chicago Press.
Möhlmann, A. and E. Vogel (2024), Late payments on mortgage loans and unemployment: Evidence from a German household panel, Deutsche Bundesbank Technical Paper No 07/2024.
Nasdaq (2026), The $340 Million Case for Tokenized Collateral: What Industry Steps Are Needed for Adoption.
Piton, S. (2017), Economic Integration and the Non-tradable Sector: The European Experience, Job Market Papers.
Plaasch, J. and A. Röthig (2025), A Growth-at-Risk model for the German economy, Deutsche Bundesbank Technical Paper No 05/2025.
Rose, F. (2026), Euro Stablecoins and Bank Liquidity: A Scenario Analysis of German Banks, mimeo.
Schüler, Y., S. Arndt, Y. Bondarenko, V. Lewis, and M. Rottner (2026), Coherent shocks: External identification and internal validation with an application to geopolitical risk, CEPR Discussion Paper No 21794.
Schüler, Y. S., P. P. Hiebert and T. A. Peltonen (2020), Financial cycles: Characterisation and real-time measurement, Journal of International Money and Finance, Vol. 100, No 102082.
Shapiro, A. H. (2024), Decomposing Supply- and Demand-Driven Inflation, Journal of Money, Credit and Banking, Vol. 58, No 2, pp. 365‑388.
Sher, G. (2023), Borrower-Based Macroprudential Instruments in Germany, IMF Selected Issues Paper No SIP/2023/060.
Timmer, Y. (2018), Cyclical investment behavior across financial institutions, Journal of Financial Economics, Vol. 129, No 2, pp. 268‑286.
Wilke, H. (2026), Cross-Fund Flows: The Funding Side of Fund Networks, SSRN.
Yotzov, I., J. M. Barrero, N. Bloom, P. Bunn, S. J. Davis, K. M. Foster, A. Jalca, B. H. Meyer, P. Mizen, M. A. Navarette, P. Smietanka, G. Thwaites and B. Z. Wang (2026), Firm Data on AI, NBER Working Paper No 34836.
